Reynolds American Meets Forecasts on Higher Profit

But cigarette volume declined compared to last year

Reynolds American (NYSE:RAI) announced on Tuesday that it earned $420 million during the third quarter, up almost 7% from $394 million in the same period last year. Adjusted EPS was 79 cents, which met Wall Street expectations, the Associated Press noted.

The cigarette-maker recorded revenue, excluding excise taxes, of $2.12 billion, down about 4% from $2.2 billion in 2011.That fell short of the $2.18 billion anticipated by analysts.